Hi,
One of my client did not receive any money under CARES Act ( they suppose to get $3400) and only $600 in the second stimulus ( suppose to get $2400). Can he eligible to get rest of the stimulus money (ie $5200) when they do the tax this year? Kindly advise
The recovery rebate gets reconciled on the return, so if they didnt get as much as they were entitled to during 2020, they can pick up the remainder on the 2020 return.
It settles better in my brain by seeing the mechanics happen right on the screen by plugging in a "what if" situation into the 1040 and seeing the outcome.
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